Hogs

• Hogs finished the month mostly unchanged, which can be viewed as a win for the bulls after closing at the lows the prior session.  
• This week’s rally stalled near the 61.8% retracement of the early‑February highs, making 96.65 a key resistance level; a move above there could open the door to filling the gap near 97.87.
• Deferred contracts continue to show more strength, and while weekly export sales were solid with Mexico leading, it will likely take additional bullish technical momentum to extend the rally beyond recent highs.

April’26 Hogs 

Grains

• Wheat broke out to the upside as renewed uncertainty surrounding U.S.–Iran talks pushed crude oil prices higher, injecting additional geopolitical risk premium into the market.
• That fund-driven strength spilled over into corn, lifting new‑crop futures to a three‑month high near $4.70.
• Corn fundamentals remain unchanged, but this influx of outside money into the grain markets presents an opportunity to manage risk or add sales using futures or options.
• May soybeans moved to $11.75 2 cents off the high from November high. Optimism with China and biofuel policy continues to drive this market.
• Over the weekend Crude Oil surged higher by 8$ a barrel after the US attacked Iran, equities are down hard this morning as well.

May’26 Corn 

May'26 Soybeans

Cattle

• Cattle futures plunged lower again, live cattle were down $4.00 and feeder cattle were about $8.00 lower.
• Some major technical damage was done to the charts blowing through the 50-day moving average and the 100-day moving average is the next major level of support.
• Nothing has fundamentally changed only a strike at a packing plant and a closing of a feedlot in the near term, seems as if these 2 factors have scared some longs out of this market with also lower cash weak over weak.

April’26 Cattle

Weather

• The Plains and Midwest remain dry today but tomorrow kicks off a much more active pattern, starting with a small snow system in the north then heavier rains center-east Sunday/Monday, with action and intensity only expanding from there for a wet week next week and a wet overall forecast all the way up into the middle of March. Temps will stay warm until at least then as well.
• Argentina was mostly dry over the past 24 hours but active precipitation chances will move in center-west through early next week, with the best chances west and north for the 6-10 day as well.   
• Brazilian rains held far north yesterday and that same pattern holds through next week as well, allowing some dryness concerns to return center-south; however, better chances move back into the south/southwest for the 6-10.